Accounting 215 Quiz Section 4 Autumn 2013 Accounting 215 Quiz Section 4 Autumn 2013 Accounting 215 Quiz Section 4 Autumn 2013 Lightening Incorporated had the following balances at the beginning of September Account Title Debits Cash 5 500 Accounts Receivable 1 500 Supplies 6 600 Land 10 200 Credits Accounts Payable 6 500 Notes Payable 2 000 Common Stock 8 000 Retained Earnings 7 300 The following transactions occur in September Sept 1 Provide services to customers for cash 3 700 Sept 2 Purchase land with a long term note for 5 400 from Sampson Company Sept 4 Receive an invoice for 400 from the local newspaper for an advertisement that appeared on Sept 2 Sept 8 Provide Services to customers on account for 5 000 Sept 10 Purchase supplies on account for 1 000 Sept 13 Pay 3 000 to Sampson Company for a long term note Sept 18 Receive 4 000 from customers on account Sept 20 Pay 800 for September s rent Sept 30 Pay September s utility bill of 1 500 Sept 30 Pay employees 3 000 for salaries for the month of September Sept 30 Pay a cash dividend of 1 000 Sept 30 Receive cash for services to be provided during the month of October 2 000 Required 1 Record the transactions 2 Post each transaction to the appropriate T accounts 3 Prepare a trial balance for September 30 Accounting 215 Quiz Section 4 Autumn 2013 Sep 1 A Cash R SE Service Revenue Provide services for cash Sep 2 A Land L Notes Payable Purchase land with note payable Sep 4 E SE Advertising Expense L Accounts Payable Receive invoice for current advertising Sep 8 A Accounts Receivable R SE Service Revenue Provide services on account Sep 10 A Supplies L Accounts Payable Purchase supplies on account Sep 13 L Notes Payable A Cash Pay note payable Sep 18 A Cash A Accounts Receivable Receive cash on account Sep 20 E SE Rent Expense A Cash Pay rent for current month Debit 3 700 Credit 3 700 5 400 5 400 400 400 5 000 5 000 1 000 1 000 3 000 3 000 4 000 4 000 800 800 Accounting 215 Quiz Section 4 Autumn 2013 Sep 30 E SE Utilities Expense A Cash Pay utilities for current month Sep 30 E SE Salaries Expense A Cash Pay salaries for current month Sep 30 SE Dividends A Cash Pay dividends Sep 30 A Cash L Unearned Revenue Receive Cash for services in the future 1 500 1 500 3 000 3 000 1 000 1 000 2 000 2 000 Accounting 215 Quiz Section 4 Autumn 2013 Accounting 215 Quiz Section 4 Autumn 2013
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